Marketable Securities

9 Months Ended

Sep. 30, 2021

Investments, Debt and Equity Securities [Abstract]

The Company has investments in available-for-sale debt securities which are recorded at fair market value. The change in the fair value of equity investments is recognized in our unaudited condensed consolidated statements of (loss) income and the change in the fair value of available-for-sale debt investments is recorded as other comprehensive loss in shareholders’ equity, net of income tax effects. As of September 30, 2021, we considered any decreases in fair value on our marketable securities to be driven by factors other than credit risk, including market risk.

The following tables show the Company’s available-for-sale securities’ adjusted cost, gross unrealized gains, gross unrealized losses and fair value by significant investment category as of September 30, 2021 and December 31, 2020, respectively:


	September 30, 2021
Marketable Securities:	Adjusted Cost		Unrealized Gains		Unrealized Losses		Fair Value


Mutual and money market funds	$	87,965	$	1,083	$	(480)	$	88,568
Corporate bonds	18,935		168		(32)		19,071
Government securities - U.S.	13,503		64		(105)		13,462

Other fixed-income securities	1,818		7		(2)		1,823
Total	$	122,221	$	1,322	$	(619)	$	122,924


	December 31, 2020
Marketable Securities:	Adjusted Cost		Unrealized Gains		Unrealized Losses		Fair Value


Mutual and money market funds	$	103,404	$	1,288	$	(20)	$	104,672
Corporate bonds	21,811		350		(6)		22,155
Government securities - U.S.	18,849		155		(5)		18,999
Other fixed-income securities	3,839		22		(7)		3,854
Total	$	147,903	$	1,815	$	(38)	$	149,680

We determine realized gains or losses on the sale of marketable securities on a specific identification method. We reflect these gains and losses as a component of investment and other income (expense), net in the accompanying unaudited condensed consolidated statements of (loss) income.

We recognized gross realized gains of $22 and $136 for the three months ended September 30, 2021 and 2020, respectively. These realized gains were offset by realized losses of $66 and $8 for the three months ended September 30, 2021 and 2020, respectively. We recognized gross realized gains of $74 and $426 for the nine months ended September 30, 2021 and 2020, respectively. These realized gains were offset by realized losses of $173 and $886 for the nine months ended September 30, 2021 and 2020, respectively.

The following table summarizes the estimated fair value of our investments in marketable debt securities, accounted for as available-for-sale debt securities and classified by the contractual maturity date of the securities as of September 30, 2021:


	Maturities
Marketable Debt Securities:	Less than 1 Year		1-5 Years		5-10 Years		Greater than 10 Years		Total

Corporate bonds	$	4,733	$	14,012	$	326	$	—	$	19,071
Government securities - U.S.	369		10,915		884		1,294		13,462

Other fixed-income securities	—		1,170		653		—		1,823
Total	$	5,102	$	26,097	$	1,863	$	1,294	$	34,356

We have classified our investment in available-for-sale marketable debt securities as current assets in the unaudited condensed consolidated balance sheets as the securities need to be available for use, if required, to fund current operations. There are no restrictions on the sale of any securities in our investment portfolio.

Total gross unrealized losses of our available-for-sale debt securities at September 30, 2021 were immaterial. The unrealized losses are driven by factors other than credit risk and have been in an unrealized loss position for less than one year. We do not intend to sell the investments and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost bases.